The Greek authorities have requested a precautionary
Stand-By Arrangement in an amount of SDR 1.3 billion (55 percent of quota, about €1.6
billion). Unutilized resources under the European Stability Mechanism (ESM)-supported
program amount to €54 billion. The arrangement is proposed to be approved in
principle, to become effective once specific and credible assurances on debt relief are
received from Greece’s European partners to restore debt sustainability, and to expire on
August 31, 2018, shortly after the expiration of the ESM program.